vs
Side-by-side financial comparison of SPS COMMERCE INC (SPSC) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
SPS COMMERCE INC is the larger business by last-quarter revenue ($192.7M vs $100.0M, roughly 1.9× Latham Group, Inc.). SPS COMMERCE INC runs the higher net margin — 13.4% vs -7.0%, a 20.4% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (14.5% vs 12.7%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $14.1M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs -4.9%).
SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
SPSC vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $192.7M | $100.0M |
| Net Profit | $25.8M | $-7.0M |
| Gross Margin | 70.4% | 28.0% |
| Operating Margin | 18.0% | -10.7% |
| Net Margin | 13.4% | -7.0% |
| Revenue YoY | 12.7% | 14.5% |
| Net Profit YoY | 47.2% | 76.0% |
| EPS (diluted) | $0.69 | $-0.06 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $192.7M | $100.0M | ||
| Q3 25 | $189.9M | $161.9M | ||
| Q2 25 | $187.4M | $172.6M | ||
| Q1 25 | $181.5M | $111.4M | ||
| Q4 24 | $170.9M | $87.3M | ||
| Q3 24 | $163.7M | $150.5M | ||
| Q2 24 | $153.6M | $160.1M | ||
| Q1 24 | $149.6M | $110.6M |
| Q4 25 | $25.8M | $-7.0M | ||
| Q3 25 | $25.6M | $8.1M | ||
| Q2 25 | $19.7M | $16.0M | ||
| Q1 25 | $22.2M | $-6.0M | ||
| Q4 24 | $17.6M | $-29.2M | ||
| Q3 24 | $23.5M | $5.9M | ||
| Q2 24 | $18.0M | $13.3M | ||
| Q1 24 | $18.0M | $-7.9M |
| Q4 25 | 70.4% | 28.0% | ||
| Q3 25 | 69.5% | 35.4% | ||
| Q2 25 | 68.1% | 37.1% | ||
| Q1 25 | 68.7% | 29.5% | ||
| Q4 24 | 67.5% | 24.6% | ||
| Q3 24 | 68.5% | 32.4% | ||
| Q2 24 | 66.1% | 33.1% | ||
| Q1 24 | 65.6% | 27.7% |
| Q4 25 | 18.0% | -10.7% | ||
| Q3 25 | 16.4% | 13.3% | ||
| Q2 25 | 14.1% | 14.3% | ||
| Q1 25 | 14.3% | -4.4% | ||
| Q4 24 | 14.5% | -14.9% | ||
| Q3 24 | 15.6% | 8.9% | ||
| Q2 24 | 15.1% | 12.5% | ||
| Q1 24 | 10.3% | -1.9% |
| Q4 25 | 13.4% | -7.0% | ||
| Q3 25 | 13.5% | 5.0% | ||
| Q2 25 | 10.5% | 9.3% | ||
| Q1 25 | 12.2% | -5.4% | ||
| Q4 24 | 10.3% | -33.4% | ||
| Q3 24 | 14.3% | 3.9% | ||
| Q2 24 | 11.7% | 8.3% | ||
| Q1 24 | 12.0% | -7.1% |
| Q4 25 | $0.69 | $-0.06 | ||
| Q3 25 | $0.67 | $0.07 | ||
| Q2 25 | $0.52 | $0.13 | ||
| Q1 25 | $0.58 | $-0.05 | ||
| Q4 24 | $0.46 | $-0.24 | ||
| Q3 24 | $0.62 | $0.05 | ||
| Q2 24 | $0.48 | $0.11 | ||
| Q1 24 | $0.48 | $-0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $151.4M | — |
| Total DebtLower is stronger | — | $279.8M |
| Stockholders' EquityBook value | $973.9M | $405.9M |
| Total Assets | $1.2B | $823.2M |
| Debt / EquityLower = less leverage | — | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $151.4M | — | ||
| Q3 25 | $133.7M | — | ||
| Q2 25 | $107.6M | — | ||
| Q1 25 | $94.9M | — | ||
| Q4 24 | $241.0M | — | ||
| Q3 24 | $205.8M | — | ||
| Q2 24 | $271.8M | — | ||
| Q1 24 | $290.8M | — |
| Q4 25 | — | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | — | $306.9M | ||
| Q4 24 | — | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M | ||
| Q1 24 | — | $282.8M |
| Q4 25 | $973.9M | $405.9M | ||
| Q3 25 | $958.9M | $408.4M | ||
| Q2 25 | $949.8M | $398.4M | ||
| Q1 25 | $920.9M | $381.1M | ||
| Q4 24 | $854.7M | $387.2M | ||
| Q3 24 | $829.4M | $416.6M | ||
| Q2 24 | $703.4M | $408.1M | ||
| Q1 24 | $683.0M | $391.8M |
| Q4 25 | $1.2B | $823.2M | ||
| Q3 25 | $1.2B | $844.4M | ||
| Q2 25 | $1.1B | $822.1M | ||
| Q1 25 | $1.1B | $824.6M | ||
| Q4 24 | $1.0B | $794.2M | ||
| Q3 24 | $1.0B | $853.4M | ||
| Q2 24 | $854.5M | $830.0M | ||
| Q1 24 | $839.8M | $808.6M |
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.72× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $45.9M | $23.3M |
| Free Cash FlowOCF − Capex | $38.2M | $14.1M |
| FCF MarginFCF / Revenue | 19.8% | 14.1% |
| Capex IntensityCapex / Revenue | 4.0% | 9.2% |
| Cash ConversionOCF / Net Profit | 1.78× | — |
| TTM Free Cash FlowTrailing 4 quarters | $152.3M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $45.9M | $23.3M | ||
| Q3 25 | $60.6M | $51.0M | ||
| Q2 25 | $32.3M | $36.0M | ||
| Q1 25 | $40.0M | $-46.9M | ||
| Q4 24 | $40.6M | $6.2M | ||
| Q3 24 | $53.3M | $37.2M | ||
| Q2 24 | $29.4M | $52.4M | ||
| Q1 24 | $34.1M | $-34.5M |
| Q4 25 | $38.2M | $14.1M | ||
| Q3 25 | $54.6M | $45.2M | ||
| Q2 25 | $25.7M | $29.1M | ||
| Q1 25 | $33.8M | $-50.3M | ||
| Q4 24 | $34.3M | $-98.0K | ||
| Q3 24 | $48.1M | $33.2M | ||
| Q2 24 | $24.4M | $47.9M | ||
| Q1 24 | $30.5M | $-39.9M |
| Q4 25 | 19.8% | 14.1% | ||
| Q3 25 | 28.7% | 27.9% | ||
| Q2 25 | 13.7% | 16.8% | ||
| Q1 25 | 18.6% | -45.2% | ||
| Q4 24 | 20.1% | -0.1% | ||
| Q3 24 | 29.4% | 22.1% | ||
| Q2 24 | 15.9% | 29.9% | ||
| Q1 24 | 20.4% | -36.0% |
| Q4 25 | 4.0% | 9.2% | ||
| Q3 25 | 3.2% | 3.6% | ||
| Q2 25 | 3.6% | 4.0% | ||
| Q1 25 | 3.4% | 3.1% | ||
| Q4 24 | 3.6% | 7.2% | ||
| Q3 24 | 3.2% | 2.7% | ||
| Q2 24 | 3.3% | 2.8% | ||
| Q1 24 | 2.4% | 4.8% |
| Q4 25 | 1.78× | — | ||
| Q3 25 | 2.37× | 6.29× | ||
| Q2 25 | 1.64× | 2.25× | ||
| Q1 25 | 1.80× | — | ||
| Q4 24 | 2.31× | — | ||
| Q3 24 | 2.27× | 6.32× | ||
| Q2 24 | 1.63× | 3.95× | ||
| Q1 24 | 1.89× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
